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Pjico, one of Vietnam's five biggest non-life insurance companies, is set to sell a 20 percent stake to a foreign investor, expecting to increase its charter capital by 40 percent to VND1 trillion (US$44.89 million).

The company, 51 percent owned by state-owned fuel trader Petrolimex, would issue more than 17.7 million shares for the purpose by June end, news website Dau Tu reported, quoting CEO Dao Nam Hai.

Pjico has been in talks with two foreign companies, it said.

The company reported revenues of more than VND2.23 trillion ($100.15 million) last year, up 5.1 percent from 2014.

Almost 45 percent came from vehicle insurance, followed by property insurance which accounted for nearly 20 percent.

Vietnam's non-life insurance market grew 17.18 percent last year to over VND32 trillion ($1.43 billion), figures from the Ministry of Finance showed.